El Salvador’s Buckele Approval Despite 91.9% Tepid Bitcoin Adoption
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El Salvador's president, Naib Buquele, continues to command massive public support, even as the country's prominent bitcoin policy shows its limited popularity among citizens.
Key Takeaways:
Buckele has a 91.9% pass percentage, largely due to an improved safety and drop offense.
Despite the existence of legal tender, the adoption of Bitcoin among citizens is limited.
El Salvador continues to hoard bitcoins even as it negotiates with the IMF.
A new survey published by the Salvadoran newspaper La Prensa Gráfica found that 91.9% of respondents approve of Buquel's performance in office.
Of the 1,200 people, 62.8% said they strongly approve of the president, while only 1.8% strongly disapprove. Buckele responded sarcastically to the figures on X, “So it's 1.8% now?” He wrote.
Crime reduction will increase the support of Bitcoin despite the trial of Bitcoin
The results suggest that the administration's popularity is largely driven by cryptocurrency rather than domestic policy.
According to the poll, improved security conditions were cited as the main reason for public support.
In the year Since taking office in 2019, Bukele has launched an aggressive crackdown on gangs and opened the Center for Detention of Terrorism (CECOT), a sprawling prison designed to house gang members.
The homicide rate has dropped significantly compared to previous years, a change that residents say is the government's biggest achievement.
In contrast, the president's bitcoin initiative appears to have carried little weight in public opinion. Only 2.2% of respondents Bitcoin Bukele was described as the biggest failure of the six-year presidency, and the cryptocurrency was otherwise barely mentioned in the survey.
The muted response reflects a broader pattern: While the country made history by accepting bitcoin as legal tender in 2021 and allowing businesses to accept it wherever possible, day-to-day use has remained limited.
Bukele himself In an interview with TIME in 2024, he acknowledged the gap, saying the project did not achieve the widespread adoption officials initially hoped for.
The policy has drawn criticism from international lenders, particularly the International Monetary Fund, who have repeatedly warned of monetary and financial stability risks.
Despite these concerns, El Salvador has not shied away from hoarding Bitcoin.
Government officials say the country will continue buying one bitcoin a day from 2022, which Bukele has promised to maintain. Online trackers linked to the government's Bitcoin office indicate that national reserves are still growing.
San Salvador recently reached a financing agreement with the IMF, including the rollback of some crypto-related initiatives, but the administration has indicated that reserve purchases for the state will continue.
IMF installs El Salvador as a Chivo Wallet sale.
In December last year, the IMF said its ongoing discussions with El Salvador on Bitcoin policy are focused on improving transparency, protecting public funds and reducing financial risks.
As part of the talks, officials are negotiating whether the state-run Chivo wallet, which has been plagued by fraud, identity theft and technical problems since its launch, could be sold or shut down.
As private crypto wallets continue to operate in the country, officials have previously hinted that the app could be affected.
El Salvador She secured a $1.4 billion IMF loan in 2024 after tensions over Bitcoin adoption. The IMF's latest assessment showed stronger-than-expected economic performance, with real GDP growth estimated at 4 percent this year for positive prospects going forward.
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